Discounted Cash Flow (DCF) Analysis Unlevered

Compagnie de l'Odet (ODET.PA)

1422 €

-6.00 (-0.42%)
All numbers are in Millions, Currency in USD
Stock DCF: 4,849.77 | 1422 | undervalue

Operating Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 23,024.4024,842.8024,108.2019,769.7020,675.9020,238.0119,809.4019,389.8618,979.2118,577.26
Revenue (%)
EBITDA 2,914.203,225.503,049.201,572.30838.502,035.831,992.711,950.511,909.201,868.77
EBITDA (%)
EBIT 1,6211,382.501,451.60390.40-10.40831.82814.21796.96780.08763.56
EBIT (%)
Depreciation 1,293.201,8431,597.601,181.90848.901,204.011,178.511,153.551,129.121,105.20
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 5,865.503,177.802,459.705,223.807,945.204,586.754,489.614,394.524,301.454,210.36
Total Cash (%)
Account Receivables 7,5608,136.506,7097,441.907,975.306,8666,720.596,578.256,438.946,302.57
Account Receivables (%)
Inventories 1,1741,358.50634.90596.20605774.82758.41742.35726.63711.24
Inventories (%)
Accounts Payable 4,943.205,087.504,940.905,609.205,543.204,761.014,660.184,561.494,464.884,370.32
Accounts Payable (%)
Capital Expenditure -1,022.20-1,330.70-690.10-739.80-487.40-759.25-743.17-727.43-712.03-696.95
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 1,422
Beta 0.902
Diluted Shares Outstanding 4.24
Cost of Debt
Tax Rate -94.20
After-tax Cost of Debt 4.25%
Risk-Free Rate
Market Risk Premium
Cost of Equity 8.508
Total Debt 7,222.10
Total Equity 6,036.26
Total Capital 13,258.36
Debt Weighting 54.47
Equity Weighting 45.53
Wacc

Build Up Free Cash

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 23,024.4024,842.8024,108.2019,769.7020,675.9020,238.0119,809.4019,389.8618,979.2118,577.26
EBITDA 2,914.203,225.503,049.201,572.30838.502,035.831,992.711,950.511,909.201,868.77
EBIT 1,6211,382.501,451.60390.40-10.40831.82814.21796.96780.08763.56
Tax Rate 92.40%-2.52%30.41%196.87%-94.20%44.59%44.59%44.59%44.59%44.59%
EBIAT 123.131,417.391,010.17-378.19-20.20460.89451.13441.58432.23423.07
Depreciation 1,293.201,8431,597.601,181.90848.901,204.011,178.511,153.551,129.121,105.20
Accounts Receivable --576.501,427.50-732.90-533.401,109.30145.41142.33139.32136.37
Inventories --184.50723.6038.70-8.80-169.8216.4116.0615.7215.39
Accounts Payable -144.30-146.60668.30-66-782.19-100.83-98.70-96.61-94.56
Capital Expenditure -1,022.20-1,330.70-690.10-739.80-487.40-759.25-743.17-727.43-712.03-696.95
UFCF 394.131,312.993,922.1738.01-266.901,062.94947.46927.39907.75888.53
WACC
PV UFCF 1,000.98840.22774.49713.89658.04
SUM PV UFCF 3,987.62

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.19
Free cash flow (t + 1) 906.30
Terminal Value 21,630.02
Present Value of Terminal Value 16,019.13

Intrinsic Value

Enterprise Value 20,006.75
Net Debt -580.10
Equity Value 20,586.85
Shares Outstanding 4.24
Equity Value Per Share 4,849.77